Sapphire Corporation

Sapphire Corporation: Profit warning for 3Q13 due to the weak demand for steel in China which resulted in overcapacity in the industry with declining steel prices. Current steel prices are reportedly close to break-even levels due to rising costs, and are not expected to improve during the industry's destocking phase. Group provided an update that it is currently reviewing its steelmaking business in China, and had on 9 Oct, entered into a conditional sale and purchase agreement to acquire the entire equity stake in Mancala Holdings Pty Ltd, a specialist mining services company based in Australia.